BAKU, Azerbaijan, April 5. The largest player in the field of online payments in Azerbaijan, GoldenPay OJSC, ended 2023 with a net profit of 2.1 million manat ($1.2 million), which is 2.3 percent more than in 2022, Trend reports.
According to the financial statements of this company, last year's revenues from services provided amounted to 13 million manat ($7.6 million), which is 17.3 percent more than the previous year. The cost of services increased to 8.9 million manat ($5.2 million) (+26.8 percent). General and administrative expenses increased to 1.6 million manat ($940,000) (+16.2 percent). Income tax payments decreased to 349,000 manat ($205,077) (-35.5 percent).
Meanwhile, GoldenPay's assets amounted to 8.7 million manat ($5.1 million) as of January 1 of this year, which is 31.5 percent more than a year earlier. During the reporting period, the company's liabilities decreased by 5.3 percent to 1.9 million manat ($1.1 million), while the balance sheet capital increased by 47.6 percent to 6.8 million manat ($3.9 million).
To note, GoldenPay is the first fintech company in Azerbaijan, officially registered in 2007.
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